A legal storm is brewing in San Francisco as a liquidation firm has taken bold steps to hold former executives accountable for the financial collapse of a tech start-up. On March 31, 2025, FAF Liquidation Services, LLC filed a complaint in the Superior Court of California against Dominic Holland, Brian Sugar, and Robert Mitchell. The lawsuit alleges that these individuals engaged in gross mismanagement and self-enrichment at the expense of Fast AF, Inc., a company they once helmed.
The lawsuit paints a vivid picture of alleged corporate misconduct. Fast AF was founded in 2019 by Dominic Holland and others as an innovative start-up offering one-click checkout solutions for online purchases. However, according to FAF Liquidation Services' claims, the company imploded under the weight of its executives' lavish spending and poor oversight. "Holland spoiled himself with lavish and unnecessary travel," the complaint states, adding that he also commissioned an in-office boxing ring for employee matches—a move described as reckless and inappropriate. Meanwhile, board members Sugar and Mitchell are accused of turning a blind eye to these excesses.
FAF Liquidation Services argues that Holland's leadership led to catastrophic financial decisions that drained over $126 million in capital investments while generating only $1.3 million in revenue. The suit highlights an egregious example involving Morgan Stanley: despite no executed agreement or significant transaction outcome, Holland allegedly approved a $9 million payment to the investment bank—a decision purportedly made to curry favor with Morgan Stanley contacts for future opportunities.
In seeking justice, FAF Liquidation Services is asking the court to hold Holland, Sugar, and Mitchell accountable for breaches of fiduciary duties—specifically care, loyalty, and oversight—and aiding each other's misconduct. They are pursuing compensatory damages along with prejudgment interest on these amounts. Additionally, they seek recovery from Mitchell regarding payments deemed avoidable transfers made when Fast AF was insolvent.
Representing FAF Liquidation Services is attorney M. Ryan Pinkston from Seyfarth Shaw LLP. The case is presided over by judges at the Superior Court of California under Case No. CGC-25-623859.